The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below:
Finally, the ATO has reminded taxpayers that more businesses are now eligible for most small business tax concessions.
Specifically, from 1 July 2016, a range of small business tax concessions became available to all businesses with an aggregated turnover of less than $10 million (i.e., the turnover threshold).
Previously the turnover threshold was less than $2 million. The $10 million turnover threshold applies to most concessions, except for:
Note: The relevant turnover threshold for accessing the lower company tax rate is $50 million from the 2019 income year (increased from $25 million in the 2018 income year).
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